基金结构的选择及对我国的启示-数量经济学专业论文.docxVIP

论文摘要t本沦文主要讨论的是基会结构的选择问题，在这篇文章中我们主要讨论的又 论文摘要 t本沦文主要讨论的是基会结构的选择问题，在这篇文章中我们主要讨论的又 是选择开放式基金还是封闭式基金，以及基金中的费用结构问题。土 本文首先用委托代理理论对开放式基金和封闭式基金在制度层面上进行分 析．碍出丌放式基金在制度上要优于封闭式基金。我们还依据投资者的流动性需 求及基会经理的管理能力等因素对开放式基金的费用结构进行了讨论，(得出了在 竞争均衡的条件下，开放式基金的费用结构及规模是内生决定的，并指出在开放 式基金的投资者中，那些流动性需求较小的投资者可以分享基金经理的部分管理 能力剩余。{ 另外我们还对国外的基金结构进行了分析，并对我国目前的基会结构作了比 较。从而得出，在我国封闭式基金过多是产生大量内生交易费用的根源，并且指 出我国的封闭式基金的投资者不但不能分享基金经理的管理能力剩余，相反由于 我国基会市场的结构性问题基金经理榨取了投资者的剩余。 最后，本文建议应该大力发展开放式基金，并降低基金设立的门槛，引入竞 争机制，并建立基会经理的信誉机制等。 关键词： 】T放式基金?封闭式基金j委托代理理论j竞争均衡；费用结构?内生；外毁 AbstraetThis Abstraet This thesis is majoring in the problem of the selection of mutual funds structure． In this thesis．we discuss select whether open—end fund closed—end fund，and the problem of fee structure in the funds． By using principal-agent theory，the author analysis open·end funds and closed．end funds comparatively in institution，and derive that open—end funds superior to closed．end funds in institution．Then the author discuss on the problem of lee structure of funds according to investors’liquidity needs and fund managers’ managerial ability,and point out that in the competition equilibrium condition，the fee structure and size of funds are endogenously decided，and the author also point that in the investors of open-end funds，some of low liquidity need investor share some managerial rents from fund managers． In the more，we also study on the fund structure in foreign counties，and compare it with the structure of current funds in country．Then the author point out that tOO nmch of closed-end fund in Our country is the cause of large number of endogenous transaction costs．Moreover,the author point that because of the structure problems in fund market，the fund managers squeeze the rents of investors，instead of the investors share managerial rents from investors． In the end，the author suggests that we should develop open—end fund rapidly． and lower the entry difficulty of funds’foundation and introduce competitive mechanism in fund market，and found the